In a rapid-paced world, it is unavoidable for people to deal with tedious things in daily life while looking after their family and career, and working hard for brilliant lives of their loved ones. The fruits of hard work of course have to be managed properly to benefit from long-term growth effect to the fullest. Tahoe Life understands it and brings you the Flourish Life Savings Protection Plan ("the Plan"), so that you can complete the premium contributions in as short as four years and enjoy protection up to the age of 138 of the initial insured. By utilising time and compound interest effect, you can accumulate wealth for yourself and your next generation for a flourishing life.
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Underwritten by: Tahoe Life Insurance Company Limited (Incorporated in Bermuda with limited liability)
Distributed by: Dah Sing Bank, Limited
For more information, please visit any Dah Sing Bank Branches now or contact (852) 2828 8000
An annual dividend will be payable on the policy anniversary date. You may choose to accumulate the annual dividends in the policy to earn interest1, receive them in cash or apply them towards future premium reduction.
If the policy has been effective for five years, the Plan will also bring you additional returns by providing a one-off terminal dividend upon the surrender of the policy, the maturity of the policy or the death of the insured, whichever is earlier. Both the annual dividends and terminal dividend are not guaranteed.
The Plan offers terminal dividend lock-in option, allowing you to lock-in part of the terminal dividend and accumulate it as part of annual dividends for interest accumulations or a lump-sum withdrawal (“terminal dividend lock-in”), enabling you to raise the cash reserve and handle your financial needs in different life stages.
On or after the tenth policy anniversary date, you may submit a written application to apply for terminal dividend lock-in according to your need. Each time you can lock-in 10% of the terminal dividend or above, and the total percentage of lock-in is capped at 60% of the terminal dividend, while a three-year or above interval between each lock-in is required.
You may choose to prepay all the future premiums at the time of policy application. The prepaid premium will be accumulated in a designated account for the policy at an accumulation interest rate4 and this will be used to settle the renewal premium when due.
The Plan provides life protection up to age 138 of the initial insured. After the first policy anniversary date and during the lifetime of the insured, you may change the insured according to your plan; so you, your beloved and next generation can also be protected. The policy will continue to be effective up to age 138 of the initial insured, making your fruitful assets a precious gift for your future generation.
The Plan is a participating policy. Annual dividends and terminal dividend (the “non-guaranteed benefits”) are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the non-guaranteed benefits, please refer to the below section “Key Product Disclosures” regarding “Non-guaranteed benefits”. Annual dividends will only be payable when the policy is effective and there are no overdue premiums. The accumulation interest rate for annual dividends is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the annual dividends and terminal dividend, please refer to the below section on “About Policy Dividends” or visit Tahoe Life’s website, https://www.tahoelife.com.hk/tl/doc/pd_en.pdf.
After lock-in of terminal dividend, the Company will correspondingly reduce the amount of any future terminal dividend at a rate prorated to the terminal dividend which have been locked-in. You may submit a written request by filing with Tahoe Life’s prescribed form to cancel your application in respect of the lock-in(s) of terminal dividend which has / have yet to take place. Once approved, your cancellation request is irrevocable. For details of the terminal dividend lock-in option, please refer to the policy contract.
The premium prepayment option is only applicable to policies with annual payment mode. The application of prepayment of renewal premium can only be valid when the renewal premium and levy on renewal premium are fully pre-paid (“Prepaid Amount”) at the time of policy application together with the filled application form and signed illustration of premium prepayment option. Prior to the renewal premium due, the Prepaid Amount will not form part of the paid premium. The Prepaid Amount will not form part of the guaranteed cash value, nor any benefit under the policy, and will not be attributed to the calculation of death benefit. The accumulation interest rate for the Prepaid Amount is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. If the insured passes away before the end of the premium payment term, the balance of the Prepaid Amount shall be returned to the policyowner or his / her estate. Upon policy surrender or full withdrawal of the balance of the Prepaid Amount before the end of the premium payment term, the relevant balance of the Prepaid Amount shall be returned to the policyowner, and any interest on the balance of the Prepaid Amount of that policy year will be forfeited. Only full withdrawal of the balance of the Prepaid Amount will be accepted by Tahoe Life.
Accumulation interest rate for Prepaid Amount is not guaranteed, subject to change and will be determined by Tahoe Life from time to time.
Initial insured means the insured whose life is insured by the policy at the commencement of the policy.
After the first policy anniversary date, change of insured is subject to the prevailing applicable administrative rules, please refer to the relevant policy contract. Change of insured will not affect the base annual premium, death benefit, accumulated annual dividends and interest (if any), terminal dividend (if any), guaranteed cash value, policy date, maturity of the policy and policy year. Tahoe Life reserves the right to reject any application of change of insured.
Any application for the nomination of a contingent owner must fulfil the relevant rules and procedures as determined by Tahoe Life from time to time. Upon the death of the policyowner, the transfer of the ownership of the policy in accordance with the following conditions shall be approved and become effective after Tahoe Life's receipt of satisfactory proof of the policyowner's death and any documents as requested, and subject to fulfilling of the prevailing administrative rules and procedures of Tahoe Life: (i) if a contingent owner of the policy is nominated, the contingent owner will become the new owner of the policy provided that the contingent owner and the insured must be still alive during the approval of the contingent owner as the new owner of the policy; or (ii) if there is no contingent owner nominated or the contingent owner is unable or unwilling to take the ownership of the policy for whatever reason, the policy shall form part of the policyowner's estate. Tahoe Life reserves the right not to accept any application of nomination of contingent owner and not to approve the contingent owner as the new owner of the policy.
The following requirements must be fulfilled for the application of nomination of contingent insured: (i) a written request in Tahoe Life’s prescribed form signed by the policyowner, the insured, the contingent insured and assignee (if any), with all necessary documents required; (ii) only one person can be nominated as the contingent insured at any time; (iii) both insured and contingent insured must be still alive during the application; (iv) relevant evidence that the contingent insured must fulfill the prevailing attained age requirement, and in any case must not exceed the prevailing maximum issue age of the Plan at the time Tahoe Life receives the written request; and (v) any prevailing rules determined in the sole discretion of Tahoe Life from time to time. Tahoe Life reserves the right not to accept any application of nomination of contingent insured and not to approve the contingent insured as the new insured of the policy. Tahoe Life shall, upon approval of such request, confirm the nomination in writing.
When the insured dies, the contingent insured will become the insured of the policy, provided that the following requirements and prevailing administrative policies and procedures of Tahoe Life have been fulfilled:
Tahoe Life’s receipt of satisfactory proof of the insured’s death and any documents as requested;
Tahoe Life’s receipt of relevant supporting document of the contingent insured, including but not limited to evidence of insurability of the contingent insured, as requested within 90 days from the date of death of the insured (otherwise, the eligibility of the contingent insured to become the new insured of the policy will be forfeited);
relevant evidence that the contingent insured must fulfill the prevailing attained age requirement, and in any case must not exceed the prevailing maximum issue age of the Plan on the date of death of the insured;
any prevailing rules (including but not limited to demonstrating an insurable interest) determined in the sole discretion of Tahoe Life from time to time; and
the contingent insured is alive during the approval of the contingent insured to become the new insured of the policy.
If there is no contingent insured nominated or the contingent insured is unable or unwilling to become the new insured of the policy for whatever reason, the death benefit shall be paid to the beneficiary. Please refer to the relevant policy contract for the details of the policy terms including the nomination of contingent insured.
Only applicable to policies that the premium payment term has been completed. If the beneficiary passes away during the period of monthly instalment with fixed amount, Tahoe Life shall, upon receipt and approval of due proof of the beneficiary’s death in the form specified by Tahoe Life, pay the balance of death benefit and its accumulated interest (if any) to the estate of the beneficiary in a lump-sum payment. Please refer to the relevant policy contract for the details of the death benefit settlement option.
The monthly instalment amount must not be less than the minimum amount, which is determined in the sole discretion of Tahoe Life from time to time without prior notice. If there is more than one beneficiary, you must choose the same death benefit settlement option for all beneficiaries, failing of which, Tahoe Life will pay the death benefit in lump-sum to all beneficiaries.
Interest rate is not guaranteed, subject to change and will be determined by Tahoe Life from time to time.
The accidental death benefit shall be automatically terminated on the tenth policy anniversary date, the policy anniversary date on or immediately following the 70th birthday of the initial insured or the effective date of the new insured, whichever is earlier. This accidental death benefit is only applicable to the initial insured who is aged 65 or below on the policy date. The maximum benefit payable under the accidental death benefit to each initial insured in Tahoe Life shall be USD125,000, irrespective of the number of policies (excluding investment linked policy) underwritten by Tahoe Life for the initial insured.
The extended grace period benefit can be applied only if, (i) the premiums for the first two policy years for the Plan are due and paid and there is no indebtedness under the policy; and (ii) no premiums of the Plan have been prepaid. This benefit can be exercised once only and shall be automatically terminated on the earlier of: (i) the policy anniversary date on or immediately following the 65th birthday of the policyowner; or (ii) the end of premium payment term. Eligibility of the extended grace period benefit is subject to certain conditions and Tahoe Life’s approval, please refer to the policy contract for details.
Full underwriting is required for adding any supplementary contract. Please refer to the respective policy contract for the details of each supplementary contract. In the event of change of insured, all supplementary contracts will be terminated on the effective date of new insured and no supplementary contract can be attached to the policy thereafter.
